Areas for developing the relations between the countries of the European Union in conditions of growing economic inequality and transition to a New Industrial Strategy for Europe

Abstract

Subject. The article addresses prospects for economic interaction of the countries of the European Union (EU). Objectives. The aim is to analyze individual economic indicators of the EU countries and explore the main directions of their relationship in the context of implementation of the New Industrial Strategy for Europe. Methods. The study employs historical-logical and dialectical principles, and the method of scientific abstraction. Results. I analyzed trends in gross domestic product, defined indices of the physical volume of GDP for 2016–2020. Using the economic and mathematical tools, I performed a forecast of these indicators, reviewed changes in exports of member countries of the European Union for 2016–2020. Conclusions. In the context of implementation of the New Industrial Strategy for Europe, economic entities will focus on sustainable growth, job creation, and innovation.